Avant applies for national bank charter to launch Avant Bank

FinTech company Avant has filed an application to establish an insured national bank, proposed to be named Avant Bank, N. A. The application was submitted to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.

According to company leadership, the national bank charter would allow Avant to serve customers directly through an integrated digital banking platform, expand access to credit, and reduce the cost of funds. The company intends to use data and machine learning to provide credit cards, personal loans, and financial management tools, specifically targeting middle-income Americans who may be overlooked by traditional financial systems.

If the application is approved, Charles Whittaker, currently Avant’s Chief Business Officer, is slated to become the CEO of Avant Bank, N. A.